GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
This can be a stressful situation both emotionally andfinancially.
Its rarely a planned thing.
One medical bill turns into a recurring cost.
Then youre covering groceries, fuel, maybe helping out with rent or aged care.
Before long, your budget starts to feel like its leaking from all sides, he said.
So,what can you do to avoid getting stretched so thin that you snap?
Prioritize Budgeting
First and foremost, look at your own spending habits.
Gas to and from appointments, supermarket extras, picking up their bills without tracking them.
Add these items to your expense column, and add their income to yours.
But dont forget the rest of your family, if you have them.
Bettman advised closely tracking everything.
Ive worked with clients who built a simple shared account.
Each sibling dropped in a fixed amount every month.
Everything went through that account nothing fancy, just clear.
When theres structure, it feels fairer and a lot less personal.
Now is not the time to be prideful.
Rather, its an all-hands-on-deck situation.
you’re free to ask for monthly contributions or even just coverage for a single bill every month.
Find All Available Support
Speaking of support: You dont just have your family to rely on.
There are plenty of programs it’s possible for you to turn to for help, as well.
Ive helped clients apply for aged care packages, energy rebates and transport vouchers.
Its not fun paperwork, but once its sorted, the savings add up.
Yes, it will take time and digging.
It will likely take phone calls and paperwork.
Consider a new cell phone plan, getting discounts for your power bill and even food assistance.
Youre already charged with the physical and emotional strain of caring for an elderly parent.
You dont have to just accept that it will also be a financial strain.
Its time to get creative and constructive and save wherever it’s possible for you to.
One client used his offset account to build a buffer just for his dads care.
Again, you could get creative with your spending, your savings and your investing.
Its a simple matter of thinking outside the box and listening to the experts.
More From GOBankingRates
Share This Article:
